Jaiz Bank declares 68% surge in profit

Jaiz Bank plc, Nigeria’s pioneer non-interest bank, delivered a stellar performance at its 11th Annual General Meeting in Kano on Thursday, July 27th.

The bank reported a remarkable 68% increase in profit as well as an impressive results in other key financial indicators.

The well-attended meeting saw the participation of the bank’s board of directors, shareholders, and members of the public.

Among the noteworthy announcements was a substantial growth of 37% in customer deposits, which now stand at N291.5 billion.

In light of the achievements, the Chairman of the Board of Directors, Muhammad Mustapha Bintube, conveyed appreciation to stakeholders who played a pivotal role in accomplishing such feat.
“We thank all our investors, and all our customers and staff, for the success we have achieved so far. God willing we will continue to ensure that the bank’s assets keep increasing to the benefit of the public.” Bintube said.

Jaiz bank which has been consistent in rewarding its shareholders in the last 3 years also announced a 25% dividend to the shareholders.

In 2022, the dividend saw a substantial 25% increase to 5 kobo per share, compared to the previous year.

While its share price crossed the 1 Naira mark for the first time since its inception.

The bank’s Managing Director Sirajo Salisu revealed the bank’s strategic plan to expand it’s customer base by increasing its branches across the country from the current 47 to a total of 60 branches.

He said “a young bank that started with 3 branches alhamdulillah now we are talking of 47 branches, we already have the approval of the board of directors to increase 13 branches this year which we hope by the grace of Allah to close with 60 branches.”

Adding that “ The customer base is above a million and we are planning to have 4.5million.”

At the meeting, shareholders approved the reelection of some of the Board members, elected others and also endorsed the appointment of Mohammed Mustapha Bintube as the new Chairman of the Board of Directors.

More photos from the event: